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Why Wolfspeed Stock Is Plummeting Today

TheMotleyFool

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Why Wolfspeed Stock Is Plummeting TodayPhoto, wide shot, wide-angle lens, soft focus, Networking equipment supplier, sunset photo at golden hour, photo by Art Wolfe: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-LvyAFCAMshu3rGBke5G5gxuI.png?st=2023-05-10T15%3A37%3A29Z&se=2023-05-10T17%3A37%3A29Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-10T02%3A36%3A27Z&ske=2023-05-11T02%3A36%3A27Z&sks=b&skv=2021-08-06&sig=nXxCmLby4SxAAd/YtNVxZStdXrs9BCydapQDQaR/oac%3D

(NYSE: WOLF) stock is plunging in Thursday's trading. The silicon-carbide (SiC) company's share price was down 15.8% as of 2 p.m. ET. At the same point in the day's trading, the S 500 and the Nasdaq Composite were down 0.4% and 0.9%, respectively.

In addition to bearish momentum impacting the broader market, Wolfspeed stock is getting hit with sell-offs connected to its latest quarterly update. While sales and earnings performance actually topped Wall Street's expectations, the company issued disappointing guidance.

Image source: Getty Images.

Source Fool.com